Israel Awards 12 Offshore Exploration Licenses

Source Press
Company Pharos Energy PlcCairn Energy PlcEnergean Oil & Gas PlcIsrael Opportunity Energy Resources, LP.Ratio Oil Exploration 
Tags Licensing Rounds, Deals, Upstream Activities
Date July 31, 2019

() Israeli regulatory body the Petroleum Council announced Tuesday the award of 12 licenses for gas exploration offshore Israel, Kallanish Energy learns.

Eight blocks were awarded to a consortium comprised of Israeli firm Ratio Petroleum and British companies Soco International and Cairn Energy.

UK-based firm Energean Oil & Gas, in partnership with hydrocarbon company Israel Opportunity, were awarded the remaining four blocks.

“This is another milestone for the discovery and development of additional natural resources in the economic waters of the State of Israel,” said energy minister Yuval Steinitz, in a release.

“I have no doubt that in the coming years, we will see further gas and oil discoveries, and the participation of additional European companies for exploration will enable the utilization of resources and increased competition to dismantle the monopoly,” he added.

The next bid is expected to take place in 2021.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd